NM Gas Company sale approved

New Mexico Gas Company
New Mexico Gas Company sale approved.

ALBUQUERQUE (KRQE) – New Mexico regulators have unanimously approved the sale of the New Mexico Gas Company.

After months of hearings and negotiations, the public regulation commission says TECO Energy of Florida, can close on its $950 million acquisition of the utility.

This comes after the company and the New Mexico Attorney General’s office reached a settlement in May to freeze customer rates through the end of 2017. It would also limit job cuts.

TECO says it believes no more than 99 jobs would be lost, a third of those are already vacant positions.

TECO expects the deal to close in a month.

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